Rising Seas Could Increase Risk for Homes in Florida

The study says that sea-level rise will diminish the value, desirability and even the habitability of some of South Florida’s most coveted real estate. According to an article on the website of WLRN, a public radio and television network for South ...

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Author: Radhika Ojha in Daily Dose, Data, Featured, News
February 5, 2018
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If last year’s hurricane season was any indication, climate change could increase risks associated with owning a home, according to a study by University of MiamiThe study says that sea-level rise will diminish the value, desirability and even the habitability of some of South Florida’s most coveted real estate.
According to an article on the website of WLRN, a public radio and television network for South Florida, that covered a public climate change symposium based on this study, “The ocean here could rise a foot or more in the next 30 years—the amount of time in a mortgage cycle—according to University of Miami Professor Harold Wanless and other researchersThat means if you buy a house today, and rising seas put your house at risk for flooding, your property value might decrease, but your mortgage payments won’t.”
Citing a TED Talk by former Vice President Al Gore, the study said that Miami was among the 10 most populous cities in the world most vulnerable to rising seas, but also had the most to lose: more than $3.66 trillion in assets.
According to Eugene WAnderson, Dean of the University of Miami’s School of Business Administration, who also contributed to the study, “Rising seas present serious economic issuesWith many billions of dollars worth of low-lying real estate at stake, the economic impact would be severe if insurance and financial markets recognize an emerging threatThe resulting spike in insurance and interest rates would make current real estate prices unsustainableProperty values and tax bases would fall, making it harder for affected communities to adapt.”
We have already seen a glimpse of climate change on real estate during the hurricane season last yearThe temporary rise in early-stage delinquencies in September 2017 reflected the impact of the hurricanes in Texas, Florida, and Puerto RicoHowever early-stage mortgage delinquency rates averaged around 5 percent in Florida cities such as Miami, Orlando, Tampa, Naples, and Cape Coral.
Climate Change Delinquencies Florida homeowners hurricanes mortgage University of Miami 2018-02-05
Radhika Ojha
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About Author: Radhika Ojha
Radhika Ojha, Online Editor at the Five Star Institute, is a graduate of the University of Pune, India, where she received her B.Ain Commerce with a concentration in Accounting and Marketing and an M.Ain Mass CommunicationUpon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features sectionOjha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communicationsShe and her husband currently reside in Dallas, TexasShe can be reached at [email protected]
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